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Blue Ridge Bankshares completes acquisition of Virginia Community Bankshares

Luray, Va.-based Blue Ridge Bankshares Inc. completed the acquisition of Louisa, Va.-based Virginia Community Bankshares Inc. in a transaction valued at approximately $42.5 million.

Under the terms of the agreement, each Virginia Community common share will be converted into the right to receive either $58 per share in cash or 3.05 Blue Ridge common shares, subject to allocation and proration procedures.

Virginia Community Bank was merged into Blue Ridge Bank NA. Former Virginia Community Bank branches will operate as Virginia Community Bank, a division of Blue Ridge Bank, until systems are converted at the end of January 2020.

Former Virginia Community President and CEO A. Preston Moore Jr. was appointed central Virginia market president for Blue Ridge Bank. Former Virginia Community CFO Thomas Crowder was named executive vice president of the card division for Blue Ridge Bank. Former Virginia Community board members A. Pierce Stone, Andrew Holzwarth and Mark Sisk have been named to the boards of Blue Ridge Bankshares and Blue Ridge Bank.